Inflation down in Europe, but ECB in no hurry to cut rates further: Report

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Inflation down in Europe, but ECB in no hurry to cut rates further: Report - Business Standard

Quick Summary:

Inflation in the 20-nation eurozone crept lower to 2.5% in June, but remained stuck above the level favoured by the European Central Bank, which is in no hurry to add more rate cuts after a first tentative reduction in its benchmark rate.

The figure released Tuesday was down from 2.6% in May, welcome news as inflation continues to fall from its peak of 10.6% that robbed consumers of spending power and mired the European economy in months of near-zero growth.

The ECB's caution in making sure inflation is under control comes as the US Federal Reserve holds off on cutting rates from current highs.